The News Of Pakistan

LAHORE: Pakistan China Joint Chamber of Commerce and Industry (PCJCCI) has proposed to promote the Chinese model of “Rural Tourism” in Pakistan, a statement said on Thursday.The proposal was floated at a meeting of PCJCCI think-tank by President Zarak Khan. The meeting was also attended by Moazzam Ghurki, senior vice president and executive committee members. Khan said that Pakistan was known as a tourist paradise and was a special interest destination for world tourists.Pakistan’s main attractions included adventure tourism in the Northern Areas, cultural and archaeological tourism, but there is a need to highlight our “Rural Tourism”, which will definitely prove to be a high score for the economy, he said, adding that villages of Northern Areas of Pakistan are rich in culture and tourism resources, which can be upgraded by developing better accommodation, food, shopping markets and infrastructure facilities. from The News International - Business https://ift.tt/2JyEPmn

KARACHI: Engro Polymer and Chemicals, the only manufacturer of Polyvinyl Chloride (PVC) in Pakistan, has won the distinguished “7th Employer of the Year” Award organised by the Employers Federation of Pakistan, a statement said on Thursday.EPCL bagged the second prize in the category of “Medium National Companies” for their best practices in human resource management, providing employees with their legal rights as per the applicable laws and regulations, observing labour standards, and encouraging workers’ participation in the management, it said.The award is also a testament to EPCL’s continued commitment towards corporate social responsibility initiatives. Imran Anwer, CEO of Engro Polymer and Chemicals, attributed this success to his dynamic and vibrant workforce and thanked them for their support and collective action in this journey of organisational excellence. from The News International - Business https://ift.tt/2N5tnRg

KARACHI: The Fatima Group signed a strategic memorandum of understanding (MoU) with renowned Chinese companies, China Machinery Engineering Cooperation (CMEC), specialised in construction and engineering and Xinjiang Tianye Group, a leading Chinese enterprise specialised in high efficient irrigation and water saving drip irrigation technologies, a statement said on Thursday.The MoU signing was conducted at the “Pak-China Agricultural Cooperation Forum”, held in Islamabad on October 30, it added.The high profile forum was graced by President Dr Arif Alvi and the Chinese Ambassador to Pakistan Yao Jing, as well as top ranking government officials from both the sides and heads of leading private sector companies working in the field of agriculture. from The News International - Business https://ift.tt/34gStT1

KARACHI: SITE Association of Industry (SAI) President Muhammad Suleman Chawla on Thursday expressed serious concerns over 200MMCF gas shortage to the SITE area, which was affecting industrial activities, and asked the government to increase the supply.He said that the Sui Southern Gas Company (SSGC) said its supply was down from 1,300MMCF to only 1,110MMCF, which was affecting supply to the province of Sindh, which produces almost 75 percent of the total gas supply.He called it a deprivation of Sindh’s basic constitutional right and a violation of Article 158, whereby it is clearly stated that the first right of use would be of the province where gas was being explored. from The News International - Business https://ift.tt/2PAkZef

A new law will be enacted in Sindh to universalise the concept of social security so that every labourer and worker in the province regardless of the status of his employment and workplace, including cab and rickshaw drivers, will get the due social security protection.Information and Labour Minister Saeed Ghani stated this on Thursday while chairing at his office a meeting on the labour department.He said legislation would be passed to universalise the concept of social security under the directives of Chairman Pakistan Peoples Party Bilawal Bhutto Zardari so that every labourer in the province got basic facilities, including health and education, not only for themselves but also for their families.Ghani said Sindh had become the first province in the country to adopt its own labour policy, and a law had also been passed by the Sindh Assembly to implement this policy.He said that tripartite committees constituted in every industrial zone of the province having representation of the go...

Expressing grief and sorrow over the Tezgam fire incident on Thursday, Sindh’s chief minister directed the divisional administrations of Hyderabad, Sukkur, Nawabshah, Mirpurkhas and Karachi to keep in touch with the railway authorities and the Bahawalpur commissioner to transport back the deceased and the injured belonging to Sindh.CM Syed Murad Ali Shah told the commissioners of different divisions of the province that more than 40 passengers of the ill-fated express train hailed from Karachi, Hyderabad and Mirpurkhas.Shah said that their families have been running from pillar to post to get firsthand information about their loved ones aboard the train. He directed Hyderabad Commissioner Abbas Baloch to set up a special desk at the district commissioner’s office for the aggrieved families to get the necessary information.The chief executive also directed him to make the necessary arrangements for the shifting of the bodies and the injured from Rahim Yar Khan back to Sindh. He also iss...

A government schoolteacher was arrested on Thursday for his alleged involvement in the sexual assault of a student in the Shah Faisal Colony neighbourhood, said the police.The Shah Faisal police have registered a case against the teacher, who has been identified as Rashid, on the complaint of a man named Imran. The complainant in the FIR said that the suspect had subjected his three-year-old son to rape.After the registration of the case, the police arrested the teacher. Officials said they were waiting for the medical report of the child to corroborate the claim made by his father in the FIR against the detained teacher.Gang bustedThe Special Investigation Unit (SIU) of the Karachi police claimed to have busted a gang of four criminals.SIU officials said the suspects were arrested from the Khalid Bin Waleed Road area while they were planning to snatch cash from people. Police said the suspects were identified as Zeeshan Subhan, Rameez Munir, Wahaj Ali Khan and Aman Baloch.They said fo...

The administrate judge of the anti-terrorism courts on Thursday remanded two suspects in police custody for investigations into the murder case of an army official.The judge sent Muhammad Noman and Umer Farooq on physical remand for four days and sought a progress report from the investigation officer on the next hearing on Monday.The suspects have been booked for murdering Major Saqib Iqbal in a mugging bid on MA Jinnah Road on June 6. After the killing, CCTV footage of the incident went viral on social media in which one of the suspects was seen attempting to snatch valuables from the victim and shooting him upon resistance.According to police investigations, the suspects had stopped their motorcycle a few yards away from an ATM Major Iqbal had gone to. One of them came to mug the major, who resisted the mugging and tried to overpower him, after which the robber shot and killed him before the two of them fled.CCTV footage showed that after the incident, the suspect drove towards the ...

The provincial police force has not been extending support to officials of the Sindh Environmental Protection Agency (Sepa) in the agency’s actions against the industrial units and factories that are causing environmental pollution or violating the provincial environmental laws.The complaint to this effect was made by officials of Sepa on Thursday as they attended a meeting with Adviser to the Sindh Chief Minister on Environment and Law Barrister Murtaza Wahab in chair to review the ongoing drive against polythene shopping bags and other practices that cause harm to the environment.In view of the complaint of the Sepa officials, the environment adviser telephoned the additional inspector general of the Karachi police and directed him to tell the police to cooperate with the Sepa officials in their drive against the unlawful practices of industrial units causing environmental pollution.Wahab also asked the Sepa officials to speed up their action against the factories producing polythene...

The Sindh High Court on Thursday suspended a notification of law department that relinquished the services of additional advocates general (AAGs) and assistant advocates general Sindh.The interim order came during a hearing of a petition of Barrister Ghulam Mustafa Mahesar and Ghulam Abbas Sangi challenging the law department’s October 24 notification which denotified them as AAGs.The petitioners’ counsel, Abid S Zuberi, submitted that AAG Mahesar was appointed for a minimum period of three years from January 18, 2017, to January 18, 2020, and AAG Sangi was appointed for a period of three years from August 25, 2017, to August 25, 2020.He submitted that the petitioners had made numerous contributions to the legal fraternity, one of such was to be appointed as legal counsel for the government of Sindh in the court. He further stated that both petitioners during such time diligently performed their duties by upholding the prestige of the office to which they were assigned and no complaint...

The Board of Secondary Education Karachi on Thursday issued the form submission schedule for the Annual Examination 2020 of Class 9, science, general, regular and private groups.According to BSEK Chairman Professor Dr Saeeduddin, the board will accept exam forms from November 1 without a late fee. The Rs100 exam form can be availed from the special counter of the board. The schools that need more than 10 forms are directed to write an application on their schools’ letterheads to the examination department. However, the forms will be provided free of cost to the schools functioning under government supervision. from The News International - Karachi https://ift.tt/2C1ZL0U

A labourer was strangled to death in the Ayub Goth area on Thursday. Police said the incident took place near the Noor Khan police post in Ayub Goth within the limits of the Sohrab Goth police station. They added that unidentified suspects also stole cash and a mobile phone in the victim’s possession before they fled.As the body was found, rescue workers reached the scene and transported it to Abbasi Shaheed Hospital for medico-legal formalities. The deceased was identified as 25-year-old Ahmed Ali, son of Usman. Police said the victim’s family told them that Ali left home on the night between Wednesday and Thursday after someone had contacted him on his mobile phone. He did not return and the family found his body in the morning.The victim was a labourer who worked at a cattle farm in Karachi. He hailed from Shikarpur and had married around seven months ago. Police said unidentified persons first tortured him and later strangled him to death before fleeing with his cash and mobile pho...

Karachi: Arrangements are in full swing to upgrade, beautify and build Karachi’s seaview according to International standards. It is hoped that these changes will mark beginning of a new world and high standards for the sea-view of the megapolis. According to the details, a plan has been conceived to bring Karachi seaview up to modern and international standards, so that a calm, pleasant and facilitating environment may be provided to the people and the families visiting the seaview.In this regard, Executive Officer Cantonment Board Clifton Rana Kashif Shahzad has given specific directives, and work to transform seaview into an attractive and pleasant is being carried out. Art work resembling different sea species has been placed at the sea view. Moreover, walls near to seaview road are being upgraded; beautified, painted and lit-up, new and modern stalls are being setup, while a reserved place is being created for camels and horses, where visitors would be able to enjoy their animal r...

Karachi University and the Shiraz University of Iran on Thursday signed a Memorandum of Understanding (MoU) to strengthen academic cooperation by promoting scientific collaboration between both the varsities.KU Vice Chancellor Professor Dr Khalid Mahmood Iraqi and Shiraz University Chancellor Dr Hamid Nadgaran inked the MoU. According to the memorandum, both universities have intended to develop collaborative research and training activities in areas of importance and need on a mutual basis benefiting the two institutions.They would work to strengthen research facilities, produce trained human resources and share resources to obtain maximum benefit and achieve scientific excellence. Prof Iraqi said that the faculties and students of both universities would be encouraged to develop a joint research project of institutional and national interest. He mentioned that staff training and human resource sharing were also part of the MoU.He said that both universities would develop video link f...

Pakistan State Oil, the leading oil marketing company of the country, convened its Board of Management (BoM) meeting on Wednesday, 30 October 2019 to review the performance of the company for the quarter ended September 30, 2019 of FY2019-20.Despite stiff competition and macroeconomic challenges, PSO continued to lead the downstream oil market. The company has reported an increase in its overall market share and closed the quarter at 46.6% in Total Liquid Fuels compared to 40.1% on SPLY. The market share improved primarily due to an increase in the White Oil segment that closed at 45.0% compared to 39.6% on SPLY.On volume basis the White Oil segment registered an impressive growth of 5.8%, whereas the Black Oil segment also saw volumetric growth of approximately 1.0% on SPLY.PSO reported Profit after Tax of Rs 3.53 billion. On a consolidated basis, the group achieved a net turnover of Rs 340.6 billion which translated into a net profit of Rs 3.48 billion.The increase in market share wa...

Pak Sarzameen Party Chairman Syed Mustafa Kamal said on Thursday the “ideology of patriotic PSP workers is the guarantee of a prosperous and progressed Pakistan”, said a statement issued by the party.The PSP was not as strong on July 25 as it is today, all because of energetic and loyal workers who stood affirmed on truth and right, he said while addressing the office-bearers of District South, Garden and Lyari Town.Kamal underscored the need to amend the constitution in order to ensure complete devolution of powers to the grassroots level so that the 90 per cent of public issues could be resolved at their doorsteps.Expressing deep grief and sorrow over the heart-wrenching Liaqatpur train incident that left over 78 people dead, Kamal urged the chief justice of the Supreme Court of Pakistan to form a judicial commission to Investigate the incident and to bring all culprits behind the deadly inferno to justice.He also asked federal Railways Minister Sheikh Rashid Ahmad to tender his resi...

The Human Rights Commission of Pakistan (HRCP), in partnership with the World Organization Against Torture, is launching a national campaign to create greater awareness of the United Nation’s Convention Against Torture (UNCAT).According to a statement issued by the HRCP, Pakistan ratified the UNCAT in 2010, which means that the country is under an international legal obligation to implement policy and legislative measures to prevent the incidence of torture, hold perpetrators accountable and provide redress to victims of torture.The HRCP will hold a nationwide digital video art and poster competition in the categories of the 10-minute film and 30-second video spots for TV or web, and poster series (three designs in both Urdu and English). The deadline for submission of entries is November 22. from The News International - Karachi https://ift.tt/325v9WR

A seven-year-old boy died after falling from a multi-storey building in the Lyari neighbourhood. Responding to information, rescuers reached the scene and took the body to the Civil Hospital Karachi, from where his family took it away without medico-legal formalities.The child was identified as Imran. from The News International - Karachi https://ift.tt/2JDO44u

The Government of Sindh is planning to establish a History Museum & Cultural Centre in Karachi in collaboration with The Citizens Archive of Pakistan (CAP).Chief Secretary Syed Mumtaz Ali Shah presided over a meeting regarding the project on Thursday. Shah said that most Pakistanis are well aware of the events that led to the birth of the country, adding that the province of Sindh played a significant role in the creation of Pakistan.The chief secretary said the museum & cultural centre will engage citizens with interactive and special exhibitions centred on the country’s history, with sections dedicated to Sindh and the city of Karachi.Two-time Oscar-winning filmmaker and CAP Patron-in-Chief Sharmeen Obaid-Chinoy said the museum will showcase numerous stories of Pakistan’s culture and history, using rich archival content such as photographs, newspaper articles, personal letters, firsthand audio accounts and state-of-the-art learning.She said that there will be sections related...

A large number of doctors belonging to Sindh’s Young Doctors Association (YDA) on Thursday held protest demonstrations across the province, including in Karachi, against the dissolution of the Pakistan Medical & Dental Council (PMDC) and vowed to mobilise doctors and the civil society until their regulatory body is restored.They also condemned the creation of the Pakistan Medical Commission (PMC) through an ordinance by the present government and demanded the restoration of the PMDC.The protesters led by YDA Sindh Chairman Dr Omer Sultan, President Yaseen Umrani, Vice-President Dr Waris Ali Jakhrani and others gathered at the Najamuddin Auditorium of the Jinnah Postgraduate Medical Centre and marched in the form of a rally towards the Jinnah Sindh Medical University.Carrying banners and placards, the protesting doctors shouted slogans against the federal government and vowed not to let any “foreign agenda” be implemented in the country. All office-bearers of the YDA’s Karachi divis...

In compliance with the initiative taken by the chairman of the National Accountability Bureau (NAB) to show zero tolerance towards corruption, the director general of the anti-graft watchdog in Karachi along with his team conducted a Khuli Katchehry (a public meeting) at the bureau’s office on Thursday and received complaints from members of public.A large number of complainants submitted their applications regarding land frauds committed by government officials in connivance with private persons.A number of complainants also lodged complaints against cooperative societies managements. The NAB director general of Karachi issued orders for verification of the complaints against various departments and mafias for the initiation of prompt action as per the National Accountability Ordinance 1999. The departments facing action are a builder mafia, the Board of Revenue, the administration of housing societies, the Sindh Building Control Authority, the education department, the Karachi Develo...

The anti-encroachment department of the Karachi Metropolitan Corporation (KMC) on Thursday removed illegal constructions and seized cabins, stalls and furniture items from footpaths in its action against encroachments in District Central, District East and District Korangi.According to a statement issued by the corporation, KMC Anti-Encroachment Senior Director Bashir Siddiqui supervised the anti-encroachment operations that were carried out with the help of heavy machinery in Akhtar Colony, Kashmir Colony, Link Road and Nadra office in District East where all illegal shops, eateries and concrete walls were demolished and many pushcarts, cabins and furniture items were seized by the department. In District Central, action against encroachments was taken in New Karachi Sector 11-G and 5-F where stalls, pushcarts and cabins were removed from footpaths and roads.Musarrat Ali Khan, deputy director of the KMC anti-encroachment department, and the respective area police monitored the operati...

The ArtChowk Gallery is hosting Amna Khan, Ehsan Usman, Gina Gul, Rabia Khan and Saliha Naz’s art exhibition titled ‘Daira’ until November 7. Call 021-35300482 for more information.I Love You...The AAN Gandhara Art Space is hosting an art exhibition titled ‘I Love You & Other Works From The AAN Collection’ until January 5. The show features works by Bani Abidi, Khadim Ali, Aisha Khalid, Imran Qureshi and Anushka Rustomji. Call 021-35821462 for more information.DisclaimerThe MainFrame Gallery is hosting Farrukh Shahab’s solo art exhibition titled ‘Disclaimer’ until November 5. Call 021-35824455 for more information.Re-PunctuatedThe Full Circle Gallery is hosting Waleed Zafar’s solo art exhibition titled ‘Re-Punctuated’ from November 1 to November 15. Call 0303-2239038 for more information.MahiatThe Chawkandi Art Gallery is hosting Faryal Ahsan, Arslan Farooqi and Bahrera Basit’s art exhibition titled ‘Mahiat’ until November 12. Call 021-35373582 for more information.Sada-e-NauThe Na...

Islamabad:The Turkish embassy marked the country's republic day on its lush-green lawns here on Tuesday night.Federal minister for Power and Petrolium Omar Ayub was the chief guest at the event, where many federal and provincial ministers were also in attendance. Senior military and civilian officials, diplomats and people from different walks of life also showed up.Turkish Ambassador Mustafa Yurdakul read out the message of his country's president, Recep Tayyip Erdogan, and said Pakistan held a special place for Turkey and Turkish diplomacy and the bilateral relations would continue to grow.He said Turkey and Pakistan had always been with each other through thick and thin and had never denied their mutual support. "We (Turkey) will continue to stand side by side with Pakistan in any time of need in the future as well," he said.The envoy said Proclamation of the Republic represented the launch of the fundamental modernisation process in Turkey. He said the Turkish nat...

Islamabad: With the aim to deepen cooperation between COMSATS and the Hashemite Kingdom of Jordan for the mutual benefit, the Executive Director COMSATS, Dr. S.M. Junaid Zaidi, invited the Ambassador of the Hashemite Kingdom of Jordan to Pakistan, Maj. Gen. (r) Ibrahim Yala Al Madani, to COMSATS Secretariat, says a press release.During the meeting held in the presence of Dr. Maen Khareasat, Deputy Head of Mission/Minister Plenipotentiary at the Embassy of Hashemite Kingdom of Jordan in Islamabad and COMSATS’ officials, the Ambassador was given a briefing on Comsats’ on-going programmes and future initiatives. In particular, the undertakings of Comsats’ Centre for Climate Change and Sustainability (CCCS) were highlighted. CCCS is established by COMSATS as an institutional platform for coordination, advocacy, regional and international partnerships for addressing climate-related challenges.The discussions during the meeting focused on enhancing collaboration between Jordanian universitie...

Islamabad :Muhammad Ahmed Waheed, President, Islamabad Chamber of Commerce & Industry (ICCI) has called upon the government to compensate Itwar Bazaar fire affected traders for business losses as they needed financial support to revive their businesses. He said this while talking to fire incident affected traders during his visit to H-9 Itwar Bazaar. Tahir Abbasi Senior Vice President, Khalid Chaudhry former Vice President and Saeed Ahmed Bhatti former Vice President ICCI were also present at the occasion.Muhammad Ahmed Waheed said that this was the fourth fire incident in H-9 Itwar Bazaar, which should be a cause of concern for CDA, MCI and the local administration. He said that CDA and MCI had conducted inquiries of previous fire incidents in H-9 Sunday Bazaar, but neither any inquiry report was made public nor responsibility was fixed on any one. He stressed upon the Chairman CDA and Mayor Islamabad to arrange a judicial inquiry of the recent fire incident in H-9 Itwar Bazaar. H...

Islamabad :The first-ever International Islamabad Art Festival 2019 (IAF-19) will be held in the federal capital from November 18 to 30, aiming to celebrate diversity and creativity in all forms of visual and performing arts.In a press briefing here on Wednesday, president and chief curator of IAF-19 Jamal Shah said the festival was being organised by consortium of public and private educational institutions, art galleries and artist associations from across the country in collaboration with foreign embassies, with generous support from the corporate sector.Renowned artist Jamal Shah who was also former Director General Pakistan National Council of the Arts (PNCA) said IAF-19 was a collaborative project and would be hosted in several locations in Islamabad and Rawalpindi, including museums, art galleries, educational institutions and public parks.He said the festival would be inaugurated on November 18 at Pakistan National Council of the Arts (PNCA), and would continue for a full 13 da...

Islamabad:Under the 'Hunarmand Jawan' initiative, the National Vocational and Technical Training Commission will embark on a comprehensive reforms process of the country's skill development sector to make it compatible with the requirements of the huge youth population as well as domestic and international job markets.The programme is part of the government's recently announced 'Kamyab Jawan' initiative. A consultative meeting to discuss the project concept (PC-1) of the NAVTTC for implementation of the programme was held here on Tuesday.It was attended by various stakeholders of the technical and vocational TVET sector from all the provinces and regions to make collaborative and coordinated efforts for making this mega project more effective and meaningful for the socio-economic empowerment of youth across Pakistan.Addressing the meeting, Special Assistant to Prime Minister Usman Dar said the unique and ambitious programme was aimed at skilling our most preciou...

Islmabad: The Islamabad Campus of Iqra University (IU) organised its annual alumni reunion here Tuesday at the main campus of the university, says a press release.Dr Muhammad Islam, vice president of the Iqra University, was the chief guest at the event.Dr Islam welcomed the old students, saying that the university’s aim was to equip the students academically and to hone their skills that may become a powerful tool for them. He added the university’s vision included preparing students for facing challenges.The official Alumni Meetup of 2019 was attended by over one thousand graduates of the university from different departments and batches over the years. During the event, the students met their beloved preceptors whereas the teachers were tremendously delighted to see their pupils so successful.The former graduates enjoyed their dinner with the melodies of the remarkable ‘Laal Band’, which came all the way from Lahore to perform live in the event.At the end, Department of Industrial L...

Crown Prince Naruhito became the 126th Emperor of Japan on May 1st, 2019, starting the new imperial era of Reiwa (beautiful harmony). However, the ceremonies for his ascent to the throne took place on October 22nd at the Imperial Palace, along with around 2,500 domestic and foreign dignitaries. The dignitaries included 32 royalty leaders (13 kings, 7 queens, 9 princes, 3 princesses), 53 heads of state and government (35 Presidents, 6 Vice presidents, 12 prime ministers), 20 governmental representatives (5 former presidents, 7 deputy leaders, 8 ministers) and 4 multilateral leaders.Usually a Japanese emperor does not ascend to the throne until his predecessor had died, and only after a full year of mourning. This meant that it was always at least a year before the succession ceremonies would be held. Due to the abdication of Emperor Emeritus Akihito, the ceremonies for Emperor Naruhito are being held in the same year as his succession. Readers may recall that Emperor Akihito of Japan ha...

Islamabad:Hashoo Group signs MoU for Pearl-Continental Hotels with Faysal Bank Limited (FBL), offering attractive dining discount at restaurants at Pearl-Continental Hotels across Pakistan, on all FBL Credit Cards and Platinum Debit Cards.According to the MoU signed between Pearl-Continental Hotels and Faysal Bank Limited (FBL), all FBL Credit Cards and Platinum Debit Card customers can now avail 40% discount on dining at Pearl-Continental Hotels.Additionally, FBL customers can also avail a 30% discount on rooms at Pearl-Continental Hotels in Karachi, Lahore, Rawalpindi, Peshawar, and Muzaffarabad by using a promo code and booking only through the hotel’s website, for Fridays and Saturdays. The offer is valid from October 18 till December 31, 2019. from The News International - Islamabad https://ift.tt/2Pywv9O

Islamabad:Custodian of Shrine of Hazrat Bari Imam Sarkar Peer Syed Haider Gillani said that Rabi-ul Awal is the month of birth of the Prophet Muhammad (Peace Be Upon Him), we should celebrate this month by following the teachings of the Prophet, says a press release.Talking to officials of Milad committees of capital at Peer House Bari Imam Sarkar, Peer Haider stated that Muslims all over the world are urged to get together and celebrate Eid-e-Milad un Nabi with religious fervor and come out of sectarianism. from The News International - Islamabad https://ift.tt/2pgmROF

ISLAMABAD: The government has lifted a decade-long moratorium on new gas connections to the CNG sector, but it links this with RLNG supply as domestic gas availability is not sufficient to meet energy demand, officials said on Wednesday.A senior official of the petroleum division told The News that the new gas connections to compressed natural gas (CNG) sector would not be on system gas, but re-gasified liquefied natural gas (RLNG).“The federal government has already informed the managing directors of the Sui Southern Gas Company Limited and Sui Northern Gas Pipelines Limited about the decision which was notified on Tuesday,” the official said.Indigenous gas production stands at 3.7 billion cubic feet per day (bcfd) as opposed to demand of 6 bcfd and in next few years. The demand is expected to increase to 7 bcfd.In 2009, the government banned new gas connections to CNG, industrial, commercial and captive power sectors due to gas shortage in the country. In 2017, the government relaxed...

ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet on Wednesday approved release of 650,000 tons of wheat for Khyber Pakhtunkhwa, Sindh and Balochistan to ease out the demand and supply equilibrium in the local market.The ECC took the decision during a meeting presided over by Adviser to the Prime Minister on Finance and Revenue Hafeez Shaikh.Sources said the ECC of the cabinet woke up to brewing crisis on account of rising wheat flour prices in domestic market with wheat price having increased to an average Rs900 per 20 kilograms bag in recent weeks from Rs750. The decision was taken at a time when the Jamiat-e-Ulama-Fazal is heading towards Islamabad for Azadi march to protest against the government.“The increased prices of flour usually turn into political crisis and so the government will have to keep close eye on brewing up crisis- like situation in the domestic market,” a top official confirmed with The News after attending the ECC meeting.The ECC took up the whe...

KARACHI: State Bank of Pakistan (SBP) on Wednesday set a cut-off yield of 11.35 percent on the benchmark 10-year Pakistan Investment Bond (PIB), down from 12.24 percent previously.The SBP also set a cut-off yield of 11.6 percent on the five-year PIB, down from12.5 percent in the last auction on September 18. For the three-year bond, the cut-off yield was set at 11.8 percent. In the last auction, the cut-off yield on three- year PIBs was set at 12.95 percent.The central bank said it sold a total of Rs101.913 billion worth of PIBs, after receiving bids worth about Rs365.19 billion. The central bank sold Rs40.677 billion, Rs30.312 billion and Rs30.924 billion worth of three-, five and 10-year papers respectively. However, bids were rejected in 20-year PIBs.The SBP also sold Rs54.401 billion of 10-year floating rate PIBDealers said the auction was in line with the market expectations and yields fell on expectations of soft inflation numbers over medium to long-term period."The result ...

KARACHI: The Federal Board of Revenue (FBR) has started afresh evaluation of non-profit organisations (NPOs) to verify if they qualify for tax credit after some of them appear deviating from their mandate and that entails normal taxation, sources said on Wednesday.The sources said the 100 percent tax credit is allowed under the income tax laws. Corporate Regional Tax Office (CRTO) Karachi has formed a scrutiny committee to appraise the performance of NPOs for the grant of tax credit.The new committee has been asked to evaluate performance in cases of those NPOs, which were recommended by the Chief Commissioner CRTO and previous committees.The sources said the tax authorities rejected tax concessions to several NPOs and welfare institutions due to changes in the laws and detection of tax avoidance by such organisations. They said the income of NPOs, trusts or welfare institutions has been allowed a tax credit equal to 100 percent of the tax payable under Section 100c of the Income Tax O...

The capital market ended flat on Wednesday following range bound trade, as investors waited for the tussle between the government and traders on taxation and CNIC issue to end amicably, dealers said.Analyst Ahsan Mehanti from Arif Habib Corporations said, “Pressure remained at the Pakistan Stock Exchange (PSX) on concerns over political and economic uncertainty.”Oil and banking stocks outperformed on higher global crude oil prices and strong financials for banking sector.Consolidation post major quarterly earnings announcements at PSX, concerns over likely subdued economic growth in FY20, and uncertainty over impact of Financial Action Task Force review due next year played a catalytic role in the bearish close, Mehanti added.Pakistan Stock Exchange (PSX) benchmark KSE-100 shares index lost 0.11 percent or 36.10 points to close at 33,761.41 points level. KSE-30 shares index followed suit with a low of 0.27 percent or 42.80 points to end at 15,752.45 points level.Of 345 active scrips, 1...

The rupee extended gains on Wednesday, amid weak dollar demand from importers, and dealers said the local currency could gain more in the days ahead.The rupee closed at 155.73/dollar, compared with the previous closing of 155.78 in the interbank market. Dealers said soft demand for the greenback from importers and corporates, stable foreign exchange reserves and exporters’ dollar conversions were the reason forthe increase in the rupee value in recent sessions.“There is no major payment due this week. So, the rupee seems to extend its rises against the dollar in coming sessions,” a foreign exchange dealer said.In the open market, the local currency ended flat at 155.90 against the greenback. The visiting staff mission of the International Monetary Fund will brief the parliament on the economy on November 6.Finance Adviser Dr Abdul Hafeez Shaikh said that the International MonetaryFund team was reviewing the quarterly economic performance and expressed confidence on the government’s pol...

This may be a winter election (in UK) but it must bring a spring thaw to our frozen economy.Carolyn Fairbairn Director-General, Confederation of British Industry from The News International - Business https://ift.tt/36lFilu

LAHORE: A regional tax office has recorded a massive almost five-fold increase in tax returns filing from salaried class in the first quarter, but the number largely falls short of the target, a senior official said on Wednesday.Number of returns filings from salaried individuals for the tax years 2018 and 2019 exceeded 35,000 compared with 6,072 a year earlier due to awareness campaigns by the tax office for government employees, RTO-II Chief Commissioner Ahmed Shuja Khan told media. Commissioner Ayesha Imran Butt and Additional Commissioner Attiya Ali Khan accompanied him during the briefing.Khan, however, admitted that the returns filing from salaried class were still far behind the quarterly target of 150,000 set for the RTO-II Lahore.The chief commissioner said overall there was a 91.84 percent increase in number of filers to 203,920 fillers in July-September 2019 from 106,296 fillers in the corresponding period a year earlier. The regional tax office recorded 18.06 percent increa...

LAHORE: Instead of exploiting the masses, planners should spend their energies in exploiting the economic potential of the country. Our economy has since long been underperforming in agriculture, manufacturing and services.As far as agriculture is concerned, Pakistan stands second in chickpeas production; third in apricot production; fourth in milk, cotton’ sugarcane and onions; sixth in date palm; seventh in mango; eighth in tangerines, mandarin orange and rice; ninth in wheat, and tenth in oranges.These statistics give a false impression that agriculture is doing well. Yet the country at one time or the other faced shortages of all these commodities, as the bureaucracy cannot control hoarders, black marketers or smugglers.Dairy potential of the country remains unexploited too. Instead of making efforts to increase the productivity of livestock at par with developed countries, planners promote higher growth by increasing the milking animals.Moreover, the sad fact is that our productio...

KARACHI: The State Bank of Pakistan reported a net loss of Rs1.043 billion in the last fiscal year of 2018/19 battered by exchange losses amid currency devaluation.“SBP incurred net loss of Rs1,043 million (consolidated) in FY19 as compared to a profit of Rs175,673 million in FY18,” the central bank said in its Annual Performance Review for fiscal year 2018/19.“The decline is primarily attributed to exchange loss of Rs506,131 million during the current year as compared to exchange loss of Rs72,280 million in the previous year.”The exchange gains/ (losses) arise on foreign currency (FCY) assets and liabilities of the bank. Major part of the foreign currency assets of the bank were dollar denominated, whereas the foreign currency liability exposure was mainly Special Drawing Rights (SDR) and dollar denominated, the SBP explained.The movement in the rupee/SDR and rupee/dollar exchange rates directly affects the exchange account. The rupee depreciated against the dollar by Rs38.56 and SDR ...

Milan: US-Italian auto giant Fiat Chrysler and France´s Groupe PSA, the maker of Peugeot and Citroen cars, announced on Wednesday they are in merger talks that could create the world´s number four automaker.Fiat Chrysler Automobiles (FCA) said in a statement it "confirms there are ongoing discussions aimed at creating one of the world´s leading mobility groups" with PSA.The statement and a similar one from PSA offered no additional details. A person with knowledge of the matter told AFP on Tuesday that the merger would yield an entity valued at about $50 billion.The person said Carlos Tavares, the chief executive of Peugeot´s parent, Groupe PSA, would lead the new company as CEO while John Elkann, chairman of FCA, would be chairman.Discussions between the automakers are ongoing and there is no guarantee of an agreement, the source said, confirming details first published in the Wall Street Journal.According to Bloomberg News, FCA´s board of directors is expected to hold an em...

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has warned the public against investing in “FS Links (SMC-Private) Limited”, which has been trying to trap innocent people through social media to invest in fake schemes.The SECP has found M/s FS Links (SMC-Private) Limited involved in unlawful activities of raising unauthorised deposits from the public by offering hefty profits. M/s FS Links is a Single Member Company and does not have any authorisation/license to solicit investments or deposits from public. The act of deposit-taking is a prohibited, contrary to the company’s object clauses. SECP has already initiated legal proceedings against the sole director of M/s FS Links, Faisal Hayat, having CNIC number 38101-78604-637 for unauthorised deposit taking. SECP also initiated winding-up proceedings against the company in terms of Section 304, read with Section 301 of the Companies Act, 2017. Moreover, the SECP has also authorised initiating legal proceedings agains...

KARACHI: Tax bars have demanded the Federal Board of Revenue (FBR) to extend the last date for filing income tax returns for tax year 2019 as per statutory requirement.Besides, they said that political uncertainty, traders’ protest and internet outage severely impacted the return filing. The filing of income tax returns has already been extended from September 30 to October 31 for tax year 2019.However, Karachi Tax Bar Association (KTBA) in a letter to FBR chairman on Wednesday said that statutory time period for filing income tax return is 90 days under Section 118 of Income Tax Ordinance, 2001.But only 58 days have been allowed for filing the returns between September 2 and October 31, which implies that 32 more days should be allowed further for the purpose. The KTBA said the FBR had to still give a final format of return filing to shopkeepers and traders, who have been protesting. from The News International - Business https://ift.tt/31VUkLq

San Francisco: Amazon ditched its grocery delivery fee on Tuesday in the retail giant´s latest attempt to corner the home delivery market, putting pressure on competitors such as rival Walmart.The company said it was dropping the additional $15 monthly fee for existing users of its Amazon Fresh delivery service, which is available through its Prime subscription program."Grocery delivery is one of the fastest growing businesses at Amazon, and we think this will be one of the most-loved Prime benefits," said the firm´s vice president Stephenie Landry. Prime membership costs $119 annually and includes video streaming services along with free, fast delivery of many Amazon purchases. from The News International - Business https://ift.tt/331wcIt

KARACHI: Repatriation of profits and dividends by foreign investors slightly increased 0.46 percent to $349.2 million in the first quarter of the current fiscal year of 2019/20 from $347.6 million a year earlier, the central bank’s data showed on Tuesday.In September, the flow of cash repatriated by foreign companies, however, increased 76 percent to $134.5 million in September from $76.5 million in the previous month.The State Bank of Pakistan’s (SBP) data revealed that repatriated cash on foreign direct investment stood at $328.9 million in July-September FY2019/20 compared with $318.3 million in the same period last year.The profit repatriation on foreign portfolio investment, however, sharply fell to $20.3 million during the first quarter from $29.3 million a year ago. Higher profit in some key sectors contributed to the rise in repatriated earnings during the period under review.The SBP’s data showed that companies in oil and gas exploration sector repatriated $72.7 million in Jul...

KARACHI: The State Bank of Pakistan has blamed a lack of institutional capacity in the provincial governments for the lower revenue collection that contributed less to tax-to-GDP ratio and fiscal consolidation efforts.“… an important agenda on fiscal reforms should be the capacity building of the provincial authorities, which are responsible for mobilising revenue via the agriculture income tax, sales tax on services and property taxes, and carrying out crucial spending on important sectors like education, health, social spending and regional infrastructure,” the SBP said in an annual report on the state of economy.“… nine years after the 18th amendment the provinces still seem to lack capacity to adequately assume these responsibilities.”Total provincial revenues grew two percent in FY2019 compared with 21 percent in the previous year.The central bank said revenue efforts of the provincial governments have been unimpressive to say the least, whereas their allocation on social developm...

KARACHI: Fertiliser sales fell nine percent year-on-year to 679,000 tons in September as there was a double-digit dip in urea consumption on price hike, official data revealed on Tuesday.The National Fertilizer Development Centre’s data showed that urea sales declined 16 percent year-on-year to 405,000 tons in September. Urea sale volume stood at 482,000 tons in the corresponding month a year earlier.Analyst Mustafa Zamin at Taurus Securities said the sales depression was attributable to lower volumes on the back of a 20 percent increase in prices of urea, “which dragged the fertiliser sales as a whole”.Sales of diammonium phosphate (DAP), however, increased to 210,000 tons in September from 199,000 tons in the corresponding month a year ago. Zamin said this was due to seasonal growth before the winter sowing season – October to December. Fatima Fertilizer was the only player that saw improvement in urea sales. Fatima’s urea offtakes climbed 1.4 times year-on-year.“Fatima’s growth came...